I was recently admitted to UCSB and was given an unofficial financial aid report- I am eligible for about 23 thousand dollars of gift aid however, I still need to pay about 13k per year. My family is generally low income; our income is about 45-70k a year (changes every year due to personal reasons) and there are 6 people in our family. I will be the only one in college in 2016-2017. It is the best college I was admitted to and I would be living on campus.
I will have no other choice but to take loans every year- I would be about 50k in debt by the time I am 22 years old- not even knowing whether my degree guarantees a [well-paying] job. This is a terrible idea considering the fact that I am thinking of medical school in the future.
I am applying for other scholarships, but I have not received one yet.
I was not fortunate enough to receive a full-ride to any university like other well-deserving students, but I hope they realize that they should bask in the glory and fortune of not having the crippling chains of student debt tied to their feet.
My parents, who believe a college education is the holy grail, are urging me to take the loans and go to college. However, I am skeptical and worried. I am a cautious, critical-thinker and I do not make decisions without thinking rationally about the consequences. Yes, risk may be necessary for success, and I am willing to work hard to be successful, but the college education system is extremely flawed. I do not want to be another victim of high-interest rate student loan debt within the shadows of sparkly clean financial aid offices decorated with shiny teeth and false comfort.
I desperately need help from experienced, wise people who know what they are talking about. My parents are wonderful and hopeful, but sometimes they just aren’t cost-conscious enough.
Maybe I have it all wrong… maybe I’m making it sounds worse than it is? I would really appreciate some help.
If I have to, attending community college to save some money is not the end of the world, even though I will feel as if four years of sleepless nights and long hours spent studying to maintain a high GPA were a waste. But, to my parents, having me as the first person in the family to attend a four-year university in America is a really huge deal and I really don’t want to disappoint them. Also, I must make a decision soon because the priority registration deadline for my local CC is imminent- and it’s a long process.
Sorry for the long post! As you can see, I’m a little stressed. 
**I don't know how I am going to pay for college. IS IT WORTH GOING IN DEBT? Desperate for advice.**
Were you admitted to any other UCs or CSUs? The various campuses’ financial aid net prices can vary by a few thousand dollars.
UCs typically expect you to take a $5,500 federal direct loan and contribute some part time and summer work earnings of $3,000 to $5,000 or so. Presumably, UCSB expects your parents to contribute about $3,000 as well to fully cover the net price of $13,000. (Are you consuming $3,000 worth of food, utilities, and other things at home that you would not be consuming if you lived on or near campus?)
You can also explore where you can cut costs. The UCSB student budget is shown at http://www.finaid.ucsb.edu/cost-of-attendance . For example, if you can remain on your parents’ non-Kaiser medical insurance, you may be able to save the $2,772 medical insurance cost (note that there is no nearby Kaiser facility to UCSB). Being careful with the cost of books ($1,403) and personal expenses ($1,713) can also save some money.
Did you get into anywhere that offered you more FA? What is your major? Not everything in the COA is billed, so living frugally will bring that number down so you wouldn’t have to take so much out in loans. Additionally, if you have health insurance, you can waive the university insurance saving you $2700 per year. Do your parents know they would have to consign any loans outside of the $5500 federal?
@Katecat27 I also got into Cal state Fullerton, Cal Poly Pomona, UCI, UC Riverside and U Dub. I really want to stay in state and go to a school that I will be happy at and high-lights how hard I worked in High school which leaves UCSB and UCI. UCI will cost me about 1500 less.
My major is Bio-psychology.
i do have health insurance! and my parents don’t know much about the process at all
Thank you @ucbalumnus ! That helped relieve some of my stress. I also got into Cal state Fullerton, Cal Poly Pomona, UCI, UC Riverside and U Dub. I really want to stay in state and go to a school that I will be happy at and high lights how hard I worked in High school which leaves UCSB and UCI. UCI will cost me about 1500 less.
It seems to me that if you are seriously considering CC, then why not consider the other 4 year colleges if they gave you better funding? How much will CC cost you? It is not free.
@SeekingPam CC would be a better option because I can save money while working and transfer to a great school after 2 years rather than going somewhere else for four years. CC is significantly less expensive - about 5000- and my financial aid eligibility will basically cover that along with CC scholarships from a local nonprofit organization i have worked with.
@SeekingPam - If this student is Cal Grant eligible, then, yes, CC will be pretty much free.
Were UCR, CSUF, and CPP also less expensive?
Did the UCI cost include medical insurance? The listed cost of attendance at https://www.ofas.uci.edu/content/costs.aspx?nav=1 does not, unlike at UCSB.
http://studenthealth.sa.ucsb.edu/docs/default-source/default-document-library/waiver-criteria-summary-2015.pdf?sfvrsn=0 describes the waiver criteria for the UCSB student medical insurance. Your parents should check the insurance that covers you to make sure that some medical offices and hospitals near UCSB are in-network. Note: the distance to covered facilities that allow the waiver was extended from 30 miles to 50 miles, presumably to allow those with Kaiser to get the waiver, but the nearest Kaiser facility is an inconvenient 40 miles away.
If I work part time during the school year and during the summers I will be able to lower my net cost by about 2-5 thousand dollars, I believe.
@ucbalumnus I believe they are all within the same net cost price- about 10,000-13,000. Thank you so much for the link. I will talk to my parents
http://www.sbcoop.org/ is a low cost housing option in Santa Barbara. It looks like the cost during the school year will be about $2,000 to $3,000 lower than the room and board estimate for the off-campus student budget used for financial aid calculations.
If you want to go to med school, then you should borrow as little as possible as an undergrad.
What aid pkgs did you get from each school? Can you copy/paste so we can see which school gave the best aid pkg?
How much can you earn/save over summers?
What are your stats?
What is your FAFSA EFC?
I dont’ see the point of considering a CSU since thoe are likely only giving a Cal Grant and a Pell Grant. It doesn’t sound like the net price of a CSU is going to be less.
It sounds like the the UCs are giving you more.
Did you apply to Merced?
How much is UCR…since it now has a med school, that could be a good choice if cost is lower.
Did any of the UCs include a merit award? If so, which one?
You say that the costs to you are ranging from $11 - 13k…well in your situation, a $2k difference is a lot.
@ucbalumnus in a family of 6 where the income ranges from $45k - 70k per year, I doubt that the parents are spending $3k per year on each family member for food, utilities & toiletries. In a large family, the “per person” cost is lower, so when one child leaves for college, rarely is there going to be a noticeable drop in what the family is spending.
What does this mean? There will be very smart students who worked hard in HS at every college on your list. You have some good options, but you need to pick the most affordable one.
You won’t be able to take loans in your own name in excess of the Direct Loans ($5500 for your freshman year). Beyond that, you will either need a cosigner, or your parents will need to take the loan. Will that be able to happen?
You are very fortunate to love in a state with great community colleges that have articulation agreements with many of the four year universities. Do you live close enough to commute to one?
Please post breakdown of expenses. I’m not a fan of debt but if you can get $13,000 down to $8,000 by eliminating the insurance cost, a summer job, and 10-15 hours per week in school, then maybe you are in the ball park. Is work study already included to get you to $13k or would that be after?
Another option, is researching paid internships where you work for a semester with your student status deferred. Could you defer admission for one year where you work your butt off while living at home and put all money in savings? That might be worth delaying a year vs CC.
@Sportsman88 @mom2collegekids @ucbalumnus @Katecat27 I posted the breakdown of my Aid Status for UCI, UCR and UCSB here if that helps or if you are interested!: thanks
http://talk.collegeconfidential.com/financial-aid-scholarships/1878257-ucr-vs-uci-vs-ucsb-financial-aid.html?new=1